UPDATE: FOX Sports’ Ken Rosenthal reports that the Orioles and Jimenez have reached agreement on a deal, pending a physical.

6:23 p.m. ET: After sitting on the sidelines for most of the offseason, the Orioles appear to be ready to make a big splash.

Roch Kubatko of MASNSports.com reports that the Orioles have made “substantial progress” in contract talks with free agent right-hander Ubaldo Jimenez and are working to finalize a deal. The contract, if finalized, is believed to be for four years and around $48 million.

Jimenez hoped to land a monster contract this offseason after his monster second half last year, but things haven’t turned out exactly as planned.